Massachusetts Elder Law and Estate Planning Attorney

The Law Office of Michael B. McCarthy

8 Faneuil Hall
3rd Floor
Boston, Massachusetts 02109
USA

(978) 270-2189

(888) 334-7053

michaelmccarthylaw.com/

Contact Mike McCarthy

Law Firm Overview

The Law Firm of Michael B. McCarthy helps individuals and families living in Boston and on the North Shore of Massachusetts prepare and plan for issues associated with growing older, including estate planning through the utilization of wills, trusts and healthcare proxies, long-term care planning, applying to and qualifying for Medicaid benefits, protecting assets from Medicaid liens and probate.

Attorney McCarthy helps explain how the legal and health care systems work and assist you in navigating the confusing laws and regulations. He understands his clients often enlist his help in very difficult and emotional periods, and he tries to alleviate that stress and fear by explaining the entire process…and more importantly, how he can help.

You have taken the first critical step in assessing your situation and preparing for your family’s well-being. When you are ready, Mr. McCarthy will work closely with you to ensure that your assets are protected and preserved according to your specific circumstances and goals. He is committed to providing top quality legal services for all his clients.

Year this Office was Established: 2005

Practice Areas

Additional Practice Areas: Long-Term Care Planning; Spouse Asset Allowance; Living Trusts; Durable Powers of Attorney; Healthcare Proxies; Guardianship and Conservatorship; Annuities.

Practice Areas Description

Our practice includes:

- Elder Law

People often ask me “What exactly is Elder Law?” Elder law encompasses all the issues of growing older, including planning for you and your family’s well-being as you enter the later stages of life. Some of the issues everyone will face as we grow older and are part of elder law are estate planning, wills, trusts, probate, health care planning, Medicare and Medicaid planning. As you age, more and more care is needed to sustain the healthy lifestyle enjoyed for most of your life and I assist my clients with making sure that the proper care is available when needed.

- Medicaid and Long-Term Care Planning

Many clients have worked their entire lives and have accumulated assets to enjoy in their retirement. However, many individuals do not realize the cost of privately paying for long-term health care is extremely high and an unforeseen medical crisis could quickly wipe out any retirement assets in a matter of a few months or years leaving you, your spouse and your loved ones with nothing left. In order to avoid the high costs of long-term and nursing home care costs that can ruin a family’s financial well-being, each individual should establish a solid estate plan strategy. I will work with you to develop a comprehensive Medicaid estate plan that fits with your goals. The rules regarding eligibility for Medicaid benefits are complicated and ever-changing. The timing of your application is extremely important and can mean the difference between having to spend down most, if not all, of your assets and hundreds of thousands of dollars in savings.

- Protecting Your Spouse

Many families work as hard as possible to be able enjoy retirement when the time comes. However, most clients still face the realization that paying for nursing home care can cost upwards of $100,000 or more a year and they simply cannot afford it. This leaves many families, even with considerable savings, vulnerable if long-term care in a nursing home is needed. However, there are various planning techniques that can be utilized to protect your family’s financial well-being and should be utilized in long-term care planning.

- Home and Asset Protection

Medicaid regulations state that the primary residence is not counted as an asset when applying for Medicaid eligibility. This is great news since most families would claim their house as their most valuable asset and the one thing they would like to protect above all else. However, even though the primary residence is not counted for eligibility purposes of Medicaid, Medicaid will nevertheless place a lien on the house once a family member is enrolled to receive Medicaid benefits. The lien protects Medicaid and entitles the program to reimbursement for any Medicaid benefits received by the applicant if the home is sold during the applicant’s lifetime or at the time of death.

- Estate Planning

For your entire life, you have worked toward a set of goals: success in your career, financial stability, and a safe, secure future for your loved ones. But even though you may be comfortable now, what will happen to your family, property, and other assets after you are gone? No matter your net worth and no matter your age, it is extremely important to have an estate plan in the event you pass away or become incapacitated. I am committed to helping my clients with all aspects of the estate planning process – a process that will protect your family, investments, property, retirement savings, and business interests. These plans often include a will, durable power of attorney, healthcare proxy and trust.

- Probate Law and Estate Administration

Probate is the legal process of transferring property of a deceased person (the decedent) to his heirs and beneficiaries. If the decedent had a will, he has died “testate”. The probate court examines the will to make sure it is valid and interprets the instructions left in the will to determine who the decedent left property to. Our office can help you through the probate process, including helping you determine who should serve as the personal representative for the decedent’s estate, preparing a petition to the court asking that the court appoint the personal representative (executor) and once appointed, assist the personal representative carry out his fiduciary duties to the decedent’s estate.

- Living Trusts

You may be thinking, “I don’t need a trust”, or “living trusts are only for the rich”. But that’s not true. A basic revocable living trust in Massachusetts is intended to avoid probate and to protect certain assets from creditors. There are many types of trusts, each with its own specific purpose, however, everyone at some point can and should utilize the benefits of a trust. Some of you also might be saying, “I don’t even know what a trust is”, or “what exactly does a trust do?” A trust is simply an agreement where you give certain assets to someone else to hold for you and for your benefit. This person or entity is called the trustee. They hold and manage your assets for your benefit or for your designated beneficiaries. The trust document, which is drafted by the attorney, is the document that lays out all the rules for the trustee and the parameters for how the assets should be handled.

- Real Estate

In most cases, a person’s house is their largest and most important asset – it is not only often your biggest financial investment, but also the place where you family lives and thrives. For both of these reasons, buying, selling, or refinancing your home is an exciting and significant event that should involve the thoughtfulness and thoroughness of an experienced residential real estate attorney. Located in Newburyport and Boston, Massachusetts, the Law Office of Michael B. McCarthy has the tools, expertise, and knowledge to assist you with all of your residential real estate legal needs, from initial real estate legal advice to the final closing. When buying a house, it is important to understand that your real estate lawyer is the only person who solely has your interests in mind – and I am dedicated to making certain that your real estate transaction goes smoothly and protects your family.